SBEA Conference

1
SBEA Conference

• Jim Lally
• November 2008

2
Opening thoughts

• Debt statistics 1 September 2008
• Average household debt in the UK is 9,500
  (excluding mortgages) and 59,350 including
  mortgages.
• Average owed by every UK adult is 30,255
  (including mortgages).
• Average interest paid by each household on their
  total debt is approximately 3,925 each year.
• Average consumer borrowing via credit cards,
  motor and retail finance deals, overdrafts and
  unsecured personal loans has risen to 4,845 per
  average UK adult at the end of December 2007.
• Britain's personal debt is increasing by 1
  million every 8.5 minutes
• (rate of increase is slowing)
• 104 properties repossessed daily

3
Why is financial education important

• 98 of people hold at least one type of financial
  product
• 79 of people do not shop around or talk to a
  financial adviser before buying a product
  relying on product information or non-independent
  advice
• UK financial services industry spend 1.5
  billion/year on advertising
• Receiving financial education as a child can
  result in people being up to 32,000 better off
  between the ages of 35-49
• 81 of people under retirement age think the
  state pension will be inadequate, but more than
  third have not made any additional provision.

4
Political imperatives

• 108,000 Scottish jobs, 100,000 in supporting
  occupations
• Parts of Scotland have the worst levels of
  financial exclusion in the UK
• The Financial Services Authority recognises the
  need for a step change in schools

5
FSA research

• Keeping track of finances
• Making ends meet
• Choosing products
• Planning ahead
• Being aware of economic and financial issues

6
Key partners

• Scottish Government
• Financial Services Authority
• Clydesdale Bank
• Standard Life
• Prudential
• The Royal Bank of Scotland
• Stewart Ivory Foundation
• Stirling Park

7
Vision

• Assist local authorities, schools and teachers
  provide a high quality of financial education for
  all their learners
• Develop every childs financial capability as
  part of their general education

8
Our strategy aims to

• encourage schools to develop programmes to meet
  the needs of all their learners in the context of
  A Curriculum for Excellence
• develop the skills and confidence of teachers in
  financial education
• help schools embed financial education into the
  curriculum
• produce examples of good practice and disseminate
  them

9
(No Transcript)
10
(No Transcript)
11
Curriculum levels for numeracy, literacy and
health and wellbeing

• Early Pre-school and P1
• First To the end of P4, but earlier for
  some children
• Second To the end of P7, but earlier for some
  children
• Third/ Fourth S1-S3, but earlier for some. The
  fourth level broadly equates to
  SCQF level 4.
• Senior Phase S4 - S6

12
Numeracy across the curriculum

• managing money and financial planning
• understanding and managing earnings, benefits and
  credit
• managing a budget in household and work-related
  situations
• estimating and calculating
• reading timetables, calculating distances and
  journey times, reading maps
• interpreting information in a variety of graphs
  and tables.

13
Money Outcomes

• Second level
• I can use the terms profit and loss in buying and
  selling activities and can make simple
  calculations for this.
• Third Level
• I can source, compare and contrast different
  financial products, services and contracts and
  explain which offer best value to me.

14
Other Outcomes - second level

• I can conduct simple experiments involving chance
  and communicate my predictions and findings using
  the vocabulary of probability
• Having discussed the variety of ways and range of
  media used to present data I can interpret and
  draw conclusions form the information displayed,
  recognising that the presentation may be
  misleading.

15
Effective learning and teaching

• Interactivity
• High quality teaching resources and activity
  sheets
• Examples eg stories
• Information on how to run events such as Money
  Week
• Real life examples that are relevant and
  practical case studies

16
Resources

• Tackling Debt
• Small Change
• Money Week
• On the Money
• Talk Money, Talk Solutions
• Talk Money, Talk Maths
• Adding up to a Lifetime

17
Contact

• Jim Lally,
• Director, Scottish Centre for Financial
  Education
• Learning and Teaching Scotland
• Level 9
• Overgate Centre
• Dundee
• 01382 443600
• j.lally_at_LTScotland.org.uk
• www.LTScotland.org.uk